Senator. Cynthia Lummis (R-Wyo.), a well-known cryptocurrency and Bitcoin BTC/USD The lawyer stated that a Donald Trump Victory in the upcoming election will be a “total game changer” for the industry, while exactly the opposite will occur if the Democratic rival Kamala Harris win.
What happenedIn an interview with Bankless, the Republican senator expressed confidence that Trump would push for a Bitcoin strategic reserve in his first address to Congress.
“I think it's advocating for a regulatory framework that's conducive to innovation. I think it's putting in place regulators at the SEC, the CFTC and the OCC that are conducive to understanding digital assets,” Lummis said.
He also warned that the industry will have to fight an “uphill battle” if Harris wins the race for the White House.
The senator also discussed her legislative proposal to establish a strategic Bitcoin reserve in the United States, with the aim of improving the strength of the dollar and addressing the country's $35 trillion debt.
“The expectation is that a million Bitcoins in 20 years would be worth $17 trillion,” Lummis said, presenting it as the only “viable” solution to halving the financial hole.
See also: El Salvador's President Nayib Bukele says Bitcoin adoption has not been a “resounding success”: “We have never forced anyone to adopt it”
Why it is important: Lummis' comments came amid Trump's growing outreach to the cryptocurrency demographic, marking a 360-degree turn from when he called Bitcoin a “scam.”
The former president has also expressed support for a national Bitcoin reserve, noting in one interview that it could be used to “eliminate” $35 trillion of U.S. debt.
While some in the industry have called Trump's campaign “more explicit,” the reach of Harris's campaign has also been appreciated.
Recently, the Senate Majority Leader Chuck Schumer (D) stressed the importance of “sensible and lasting” cryptocurrency regulation for the industry.
Price actionAt the time of writing, Bitcoin was trading at 57,077.16, up 0.53% over the past 24 hours, according to Data from Benzinga Pro.
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